Oslo, Norway, 10 February 2026 - Akobo Minerals AB (publ) ("Akobo" or the "Company") (Euronext Growth Oslo: AKOBO), the Scandinavian-based gold producer operating in Ethiopia, is pleased to provide an operational update for January 2026.

Akobo's strong fourth-quarter performance has continued into the new year. January delivered solid production performance and continued progress in vertical shaft development, supported by stable operations and disciplined cost control.

The Company is benefiting from historically high gold prices, which have a clear and positive impact on cash flow and financial capacity. Higher gold prices increase revenue per ounce produced, while the Company's cost base remains largely unchanged in the short term, resulting in stronger operating margins and improved free cash flow.

The Company's gold loan is not affected in any way that changes its structure, repayment profile or underlying economics. As the loan is repaid in ounces, the key determinant of repayment remains production performance. The gold loan, amounting to approximately 9,500 ounces, represents a limited share of the Company's approximately 69,000-ounce mineral resource, and higher gold prices further enhance cash flow and repayment capacity within the agreed timeframe to mid-2027.

The current development plan, including the decision to sink the shaft to its final depth in one continuous phase, does not trigger any need for amendments to the loan agreement. A successful site visit was conducted during the period with Akobo Minerals' Chairman and a senior representative from Monetary Metals.

Production and Operations

• Gold production in January: approx. 8 kg (USD 1.2 million)
• Cumulative doré production to date: approx. 81 kg
• Stock of blended material available for processing: approx. 500 tonnes, with an estimated in-situ value USD 1.6 million at current gold price levels

Operations at the Segele mine remained stable throughout January, with continued production from existing underground workings alongside ongoing development activities targeting new high-grade areas within the mine. The current depth of the eastern winze is approximately 84 metres, while the western winze has reached approximately 65 metres.

The current stock of blended material provides operational flexibility, ensuring stable throughput and consistent gold recovery. The processing plant is currently operating without capacity constraints, running in batch mode towards the end of each month. Once the new vertical shaft is fully operational, the plant is expected to transition to continuous 24/7 operation to handle higher and more consistent tonnage.

Vertical Shaft Development

• The foundation for the headgear is in its final stage
• Installation of the temporary winch and headgear is ongoing
• The main headgear is in transit to site
• Conveyance equipment for underground operations, including rails and ore buggies, is in preparation for shipping
• The shaft sinking team is back on site and prepared to resume sinking, with approximately 80 metres remaining to the final level

Head gear civils works complete for shaft sinking, dry-run testing completed on CIL tanks, power connected to the vertical shaft, construction of processing dam for future use, winch installed and ready for operation in vertical shaft.

For more information, contact

Jørgen Evjen, CEO, Akobo Minerals 

Mob: (+47) 92 80 40 14 

Mail: jorgen@akobominerals.com 

LinkedIn: www.linkedin.com/company/akobominerals 

Web: www.akobominerals.com  

About Akobo Minerals 
Akobo Minerals is a Scandinavian-based gold producer and explorer with over 15 years of active operations in Ethiopia. The Company holds an exploration licence covering 182 km² and a mining licence covering 16 km² in the Gambela region and Dima Woreda.

The Segele mine hosts an Indicated and Inferred Mineral Resource of approximately 69,000 ounces at a high average grade of 22.7 g/t gold. The mineralised system remains open at depth, supporting further resource growth and mine life extension. In addition, the Company's exploration licence hosts multiple high-quality targets with significant resource-building potential.

Akobo Minerals places ESG principles at the core of its operations, maintaining strong relationships with local communities and government authorities. The Company is committed to sound ethics, transparency and responsible mining practices.

Akobo Minerals is headquartered in Oslo and is listed on Euronext Growth Oslo and the Frankfurt Stock Exchange under the ticker AKOBO. In the United States, the Company's shares trade on the OTC Pink Market under the symbol AKOBF.

The Company fully complies with the JORC Code (2012) and places strong emphasis on meeting recognised industry standards.